Bittrex, Scammer or Scammed.

[TwinWinNerD]

You guys realize, that there was NO successful launch hosted on bittrex. MIL was the best example for this.

Bittrex will host EVERY shit if they get a cut. Sad but truth!

Mil was polo by the way

Ahh damn I confused MIL with Digital commerce coin DCM

[Relnarien]

Regardless of how a coin gets into an exchange, it is up to the trader to do his/her own due diligence on whether a new coin is legit. There's been plenty of scams. That's nothing new. You aren't children who need to be told the same thing every time. Yes, Bittrex should have been alert and paying attention -- that's their responsibility, and the fault for that lies on them. However, buying the coins is on the buyers themselves.

Most altcoins are useless, which means that some people will make a profit and some will end up as bagholders. People who complain about losing money only do so because they couldn't make a profit at the expense of someone else losing money. Let's put it this way: if the people who lost money on this recent scam made huge profits instead, then they would be bragging about their trading prowess and saying "you should have sold sooner" to those who lost money instead.

[Nxtblg]

You guys realize, that there was NO successful launch hosted on bittrex. MIL was the best example for this.

Bittrex will host EVERY shit if they get a cut. Sad but truth!

Not if it bring them into disrepute enough to take a piece out of their trading volume and commissions. At some point - and I'm sure that point is approaching - the easy BTC will cost more than it's worth.

Remember Mintpal!

That is the problem. Most exchanges are very shortsighted. Because if they collapes they can just get "hacked" and start over as a new exchange...

Yes, atm, but that short-sightedness has a definite sell-by date. It's only a matter of time before the bigger exchange owners figure out that "pay to list" is like buying the hottest stocks on the NASDAQ: wonderful in the short term but a sucker bet in the long term.

Remember Mintpal!

[Nxtblg]

Thanks for your thoughtful comments. I think I'm at fault for using the wrong word, leading to a misperception on your part. When I commented about an "altcoin clearinghouse" all I meant was an informational website, nothing more.

Okay, no worries. I did misunderstand you because my experience with the stock market has 'gifted' me with the expertitis that leads to using technical jargon as if it were defined in the pocket dictionary.

This is what I thought you meant, courtesy of La Wik:

http://en.wikipedia.org/wiki/Clearing_house_(finance)

As I envision it, information would be collected either wikipedia-style or with a staff of some sort (with some method of vetting the information, and the integrity of the leadership would be key) on each coin. The goal of the site would be to share information on the characteristics of the coin, details on scams/thefts/fraud related to the coin, technical issues/major bugs, missed milestones/broken promises from devs, and so forth. Links/citations would be provided for all the information. The idea would be to provide a sort of overall risk assessment related to investing in the coin, so far as non-market factors are concerned.

People could do what they want with the information, the site would simply be for reference and hopefully make it a little harder for scammers to operate successfully and save some people from them. Optionally the site could also have a section devoted to exchanges, how they operate, thefts and scams on each one, and so forth. That would help encourage them to clean up their act, be more transparent, stop shady practices that burn customers while profiting the exchange and so forth.

It's hard for me to see how such a website could lead directly to government control, instead I would hope it could be used to head things off. "See, we don't need increased regulation because scams have fallen 40% since the Crypto Clearinghouse started operation, and they have more projects on the way to get the word out on the latest scams so we expect that trend to continue..."

I've started drafting my ideas for this project; I'm about to head out on vacation but when I get back I may start a thread on it and try to get the ball rolling, if people see the value in it.

The more I hear about it, the more I like it! It's a great idea, and one that at the very least will make you a real pillar of our hardscrabble society.

But I still stand on my hope that you can make an honest living with it...

[Nxtblg]

Regardless of how a coin gets into an exchange, it is up to the trader to do his/her own due diligence on whether a new coin is legit. There's been plenty of scams. That's nothing new. You aren't children who need to be told the same thing every time. Yes, Bittrex should have been alert and paying attention -- that's their responsibility, and the fault for that lies on them. However, buying the coins is on the buyers themselves.

Most altcoins are useless, which means that some people will make a profit and some will end up as bagholders. People who complain about losing money only do so because they couldn't make a profit at the expense of someone else losing money. Let's put it this way: if the people who lost money on this recent scam made huge profits instead, then they would be bragging about their trading prowess and saying "you should have sold sooner" to those who lost money instead.

Oh yes...but the trouble's that, in the B&M world, we expect quick action when we buy a defective or not-significantly-as-advertised product. That accustomed-to B&M habit does carry over into these parts.

Believe it or not, your sound-sense advice is strikingly old-fashioned in a way. "What Was Old Is New Again."

[sonihr]

You guys realize, that there was NO successful launch hosted on bittrex. MIL was the best example for this.

Bittrex will host EVERY shit if they get a cut. Sad but truth!

Their last one...

https://bitcointalk.org/index.php?topic=737636.0

[SunBin]

When Bittrex got scammed, how is the customer affected?

Did they pass the loss to the customer by having all customer taking a haircut?

[Chompa]

People are too much believers way too soon. They should be more conservative and wait for confirmations from the community not just jump any boat that's leaving the dock while no one checked if there is any holes in the bottom. The launch of so many cryptocoins enforces people to do more research which is actually a good thing.

[Amph]

You guys realize, that there was NO successful launch hosted on bittrex. MIL was the best example for this.

Bittrex will host EVERY shit if they get a cut. Sad but truth!

funny is that "hosting every shit" back then was a good thing, i remember lol

[percocet]

There is no doubt that Bittrex is a shady exchange. In addition to being a coin graveyard, they are more than happy to accept complete scam coins like this case with USBcoin and Veilcoin a while back (where they had a "ninja" launch and then lo and behold the coin magically appears on Bittrex the same evening).

Of course you can't blame them if you buy a scamcoin, but on the other hand it sure seems they are complicit when it comes to some of these scams.